After the Ethereum Denkun upgrade, which track is expected to explode

Along with EthereumDencunupgrade, Ethereumlayer 2The performance has been greatly improved,Web3There may be an explosion on the app side. However, due to the differences between Web2 and Web3, the entry threshold for Web3 is relatively high, and this has become a problem that the industry urgently needs to solve. As early as 2023, account abstraction was mentioned by V God, etc., but account abstraction is OK when solving homogenous chains, but it is slightly overstretched when solving the problem of heterogeneous chains. With the end of the Dencun upgrade, account abstraction and chain abstraction are expected to explode, so what projects are worth paying attention to?

Ethereum's next upgrade is on the agenda, and the account abstraction circuit may become a new hot topic

On March 14, 2024, Ethereum developers held a developer conference after the Dencun upgrade. The developers discussed some EIPs that might be included in the Pectra upgrade. Among them, EIP 3074 is related to account abstraction. In support of the adoption of EIP 3074 in Pectra, Metamask wallet developer Dan Finlay stated: EOA has proven to be an inflexible authorization system for many people, with millions of dollars lost every day. We believe 3074 is a protocol layer proposal that presents potential opportunities for user security. Developer Beiko recommended that developers spend more time considering the benefits of EIP 3074, first considering EIPs related to other account abstractions related to Pectra, and secondly considering all other EIPs proposed to be included in Pectra.

Currently, in the Account Abstraction Circuit, there are four main leading projects, which arePimlico, Alchemy, Biconomy, and Stackup.

Pimlico: Pimlico is an infrastructure platform for building the next generation of smart accounts. Developers developing ERC-4337 smart accounts are provided with bundlers, verified Paymaster, ERC-20 payers, etc., to develop more user-friendly decentralized applications or dApps. On September 25, 2023, Pimlico announced the completion of the $1.6 million Pre-Seed round, led by 1confirmation, Safe and Consensys, and more than a dozen angel investors. On November 7, 2023, account abstraction developer Pimlico announced the completion of a $4.2 million seed round, led by a16z crypto.

Founded in 2017, Alchemy is a blockchain infrastructure company. Its main business is to provide blockchain development platform services for blockchain developers and enhance the user experience. By building development tools and computational infrastructure, Alchemy aims to enable the future of MultiChain.

Biconomy provides a hot-plug API service that allows anyone to access dApps without any experience or knowledge. Currently, Biconomy's multi-chain repeater infrastructure processes nearly 50,000 transactions per day for 70+ Web3.0, DeFi, and NFT dApps. It has 3 main functions, namely Hyphen (instant cross-chain protocol), Gasless (no gas), and Forward (flexible gas fee payment). Biconomy investors include DACM and Mechanism Capital, Coinbase Ventures, Huobi Ventures, Bain Capital, NFX, Ledgerprime, Huobi Innovation Labs, Primitive Ventures, etc.

All Stackup chains have bundler businesses. They lead profits on Arbitrum and Ethereum, and are slightly inferior in other aspects.

Near lays out the chain abstracts ahead of time, and AI is expected to explode

According to Dune data, as of March 18, active addresses on the Near Chain continued to rise. Currently, there are 107 million independent addresses, and this number continues to grow. The reason why Near users are growing so rapidly has a lot to do with their early layout chain abstraction.

From the product side, Near currently has four main core products: BOS blockchain operating system, Account Aggregation account aggregation, Super Wallet, etc.

BOS Blockchain Operating System: This system is a public layer for browsing and discovering web experiences, and is a “front-end” system compatible with all blockchains. Through this system, when recommended by Featured Components, users can click the open button to directly access the liquidity staking page of a certain protocol, and selecting the NFT Marketplace will also directly redirect to the purchase pages of many NFTs. Additionally, there is a feed stream, user, and news recommendations.

Account Aggregation: This is Near's backend, which mainly includes NEAR account abstraction, chain signatures, intent relayers, etc. 1) NEAR accounts can abstractly use NEAR email to log in, and private keys can be recovered; in addition, the entire chain can also implement short domain name operations, and fingerprint FaceID biological login based on Fast Auth, which greatly reduces the user entry threshold; 2) Chain signature: NEAR has built an MPC Nodes full-chain joint verification system. When users interact between different chains, NEAR can sign transactions as asset co-related parties to achieve interchain interaction. 3) Intent relayer: After the user initiates a transaction intention on the NEAR chain, the NEAR contract can remotely control the heterogeneous chain contract to carry out the next operation, which is equivalent to PayMaster's agency duties.

Super Wallet: @SenderLabs钱包类似微信小程序 on the NEAR chain seems easy to use yet very powerful; the compatibility of other chains, cross-chain interoperability of assets, and autonomous network switchability can all be hidden.

In addition to this, Near is also expected to drive its current bull market in the field of artificial intelligence. NEAR founder Illia Polosukhin has a long background in AI and is a co-builder of the Transformer architecture. NRAR launched NEAR Tasks at NEARCON 2023 with the goal of training and improving artificial intelligence models. NEAR also provides AI Agent services in the ecosystem to automate all users' on-chain actions and operations. Users only need authorization to freely trade assets in the market. In addition, NEAR's strong DA capability allows it to play a role in the traceability of AI data sources to track the validity and authenticity of AI model training data.

What other projects are worth paying attention to at the Chain Abstraction Circuit

Although chain abstraction is still in the early stages of development, in addition to Near, there are some projects worth paying attention to. This article takes stock of some mainstream chain abstraction projects.

ZetaChain is a cross-chain interoperable L1 public chain. ZetaChain can be viewed as a “chain within a chain”. It uses a methodology known as “blockchain of blockchains” (BOB), which allows specific chains to be embedded in a full-chain environment, thereby providing data transmission, network connectivity, consensus mechanisms, incentives, and a contract layer framework to achieve efficient interoperability between different blockchains. More specifically and in depth, to specifically achieve this interoperability, ZetaChain uses a variety of advanced technologies, including Cosmos SDK and Tendermint, as well as hyperconnected node technology. ZetaChain attracted the attention of many top investment institutions, including Musk's support for Twitter's acquisition of VY Capital, and JD investor Lingfeng Capital. On August 16, 2023, ZetaChain successfully completed a $27 million equity round involving heavyweight investors such as Blockchain.com, Human Capital, Sky9 Capital, Jane Street Capital, Smrti Lab, VistaLabs, CMT Digital, and Foundation Capital.

Axelar has accumulated deep technical advantages in the full-chain circuit. Axelar has achieved interoperability between 56 chains, surpassing competitors such as Layerzero; GMP and AVM have simplified the developers' multi-chain development process to help developers achieve full-chain contract deployment and liquidity integration. One of the most important technologies in Axelar is Generic Messaging (GMP). Universal messaging goes beyond the concept of bridging assets, enabling developers to build native cross-chain applications and implement chain abstraction for users to perform cross-chain function calls and state synchronization. In July 2023, Microsoft and Axelar reached a partnership to provide cross-chain services to Microsoft customers through the Azure Marketplace.

Shogun is an intent-centered protocol designed to maximize traders' extractable value (TEV) through optimized order flows and complete chain abstraction.

summed

Modularity and chain abstraction are the main development directions in the crypto market. Modularity mainly focuses on ease of development for developers, and chain abstraction is conducive to large-scale adoption of Web3 applications. EIPs, etc. relating to account abstraction are expected to be included in the next Ethereum upgrade, and the account abstraction and chain abstraction circuit is expected to truly explode through this.

Further reading

Cosmos+ Ethereum: Positive and Final Game

Solana MEV Guide: Another dark forest outside of Ethereum

Author: Asher Zhang

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